Centrum Broking Ltd.
Incorporated in November 2020, Waterways Leisure Tourism Limited is one of India’s leading domestic ocean cruise operators, offering luxury cruise experiences focused on Indian culture, hospitality, entertainment, and cuisine. The company operates the cruise vessel MV Empress, which sails to destinations including Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, Puducherry, and select international destinations such as Sri Lanka, Thailand, Singapore, and Malaysia.
As of March 31, 2026, over 730,000 guests had sailed on its cruises, covering more than 321,000 nautical miles. The company held approximately 79% market share by value in India’s domestic ocean cruise industry in Fiscal 2025. MV Empress features 796 cabins, including suites, ocean-view cabins, and interior staterooms, along with amenities such as restaurants, entertainment shows, casino, spa, fitness center, swimming pools, gaming arcade, children’s academy, and MICE and wedding facilities.
The company follows an asset-light operating model by outsourcing key cruise functions such as food & beverage, housekeeping, crewing, and entertainment, enabling operational efficiency and scalability. A majority of bookings are generated directly through its website, mobile application, call centers, and customer service channels. Waterways Leisure Tourism is positioned to benefit from the growing cruise tourism industry in India and plans to expand its fleet with Norwegian Sky and Norwegian Sun.
For the year/period ended (Rs. in Cr.)
| FY25 | FY24 | FY23 | |
|---|---|---|---|
| Total Revenue | 579.7 | 590.6 | 444 |
| Profit After Tax | 46.95 | 165.1 | (122.76) |
| EPS | 8.02 | 26.00 | (18.97) |
| EBITDA Margin (%) | 0.20 | 0.36 | 0.25 |
| PAT Margin (%) | 0.09 | 0.28 | (0.27) |
For year/ period ended ( in Cr.)
| Company Name | Market Cap (Cr.) | Price | P/BV | P/E | Sales (Cr.) FY25 |
Net Profits(Cr.) FY25 |
|---|---|---|---|---|---|---|
| Waterways Leisure Tourism | 5849* | 808 | 65.64 | 100.9 | 579.6 | 46.96 |
| Chalet Hotels | 17585 | 803 | 25.73 | 25.73 | 2770 | 645 |
| Lemon Tree Hotels | 8956 | 113 | 40.98 | 40.98 | 1444 | 288 |
| Wonderla Holidays | 3057 | 482 | 40.98 | 40.98 | 519 | 81.7 |
*Market cap @upper band
The Company Waterways Leisure Tourism IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
At the upper band of IPO Rs. 808, the stock is valued at a P/E multiple of 100.9. Hence, well-informed investors subscribe for medium to long term perspective.